The Top Regular Savers Discussion Thread

ToastLady

https://forums.moneysavingexpert.com/discussion/comment/81969992#Comment_81969992

I think I worded it badly. I'm happy to go into the few banks/building societies which remain in my area and a bit beyond, but I really want to access my banking online, rather than dealing with passbooks.

The_Groat_Counter

Whilst administering an account in person or by post might seem like an indicator the BS is simply stuck in the past, it's perhaps quite intentional on the part of those BS's that do so - as it serves up a bit of friction that stops the world and their dog from all piling on to a good savings offer and so might arguably actually maintain the viability of smaller BS's to continue to offer these attractive accounts. Plus the 'in person' element reinforces their connection to serving their local community.

[Edit - minor typo]

Dizzycap

https://forums.moneysavingexpert.com/discussion/comment/81970333#Comment_81970333

I agree, but at the same time, there's nothing stopping people having RS branch only opening days out covering 2-3 BS per trip to take advantage of what's on offer. The only exception would be postcode / area limitation for branch RS application which some BS have put in place. Personally, the only time I have considered making a 25 mile trip to open a RS was when the Nottingham BS had a 6% (v) £500 pm RS during savings week; my local branch closed 2 weeks before:-( I rang up the branch I intended to visit on the Monday morning to check that the RS was still available and it had already been pulled over the weekend, so I didn't have a wasted trip 😂. On the plus side, the interest rate also got cut several times on the Nottinghams BS RS, so I didn't feel as though I had actually missed out in the end 😋. I would be more than happy to make a trip(s) for fixed rate RSs @ 6%+ but at the moment variable rate RS are just not worth the effort for me; outside of postal RS applications, but I more than appreciate where 'branch opening only' are of a benefit to others 🤗.

happybagger

"… days out covering 2-3 BS per trip to take advantage of what's on offer…"

Very reminiscent of days bagging and going from Wales to Chesham BS, Harpenden BS, Bucks BS and Saffron Walden Herts& Essex BS. Four passbooks in a single day. Lovely.

clairec666

Quick First Direct question….

Regular saver maturing later this week. I'll almost certainly open another one. Standing order paid out on the 23rd of each month. Do I need to cancel the standing order, or is it automatically set up to end after the 12th payment?

masonic

https://forums.moneysavingexpert.com/discussion/comment/81971283#Comment_81971283

I've never touched mine. The main thing is to keep an eye out in the days before maturity as you can apply for the next the moment your current one disappears for interest to be added.

Bigwheels1111

First direct are a rule unto them self.

As above as soon as money disappears as such you open a new one. Takes 3/5 days at times.

They do everything and set up DD.

Dizzycap

https://forums.moneysavingexpert.com/discussion/comment/81970757#Comment_81970757

I remember the Carpet Bagging days 😂. Put £100 into any BS easy access account and leave it there until member free shares appeared - Those were the days! Mind you, if there were enough 6% Branch Only RS available within a 50 mile radius of where I live, I'd certainly be on the 'day out' bandwagon 😂

kaMelo

I remember the Carpet Bagging days 😂. Put £100 into any BS easy access account and leave it there until member free shares appeared

As do I, and apart from Nationwide we did very well out of them too. (Damn you Nationwide)

Another interesting fact being every single Building Society that demutualised no longer exists.

janusd

https://forums.moneysavingexpert.com/discussion/comment/81968655#Comment_81968655

so as a follow-up to this, my new Dudley account is now visible online (as of the weekend), and if it passes CoP, i'll make the initial deposit tomorrow - saves waiting for the letter and, as Bridlington's post on the first page says it opens when it opens as opposed to on first deposit, there's little point in waiting.

also, I had the withdrawal process clarified…

In regards to this we would need you to compete a Faster Payment Withdrawal Form and return the passbook for any withdrawals to take place.

This can be done via post or in branch.

so looks like I won't be making any withdrawals! ✉️